India signs MoU for furniture clusters

The Trade Promotion Council of India (TPCI) and the World Furniture Confederation (WFC) recently inked a memorandum of understanding to establish furniture industrial clusters within the country.

It was signed during the annual general meeting of the WFC in China, attended by over 500 business and industry representatives from around the globe. Mohit Singla, Chairman of the TPCI, joined hands with Xu Xiangnan, Chairman of WFC.

This collaboration is expected to ignite a transformative journey for the organised furniture manufacturing sector in India, facilitating the sharing of best practices and expertise, creating a seamless end-to-end ecosystem that fosters the growth of furniture manufacturing in the country.

It is expected to attract foreign direct investment to enhance India’s furniture exports, and reduce the country’s dependence on furniture imports. Singla quoted a recent study that revealed great demand for plug-and-play clusters as the only possible means of achieving competitiveness.

The furniture industry worldwide accounts for US$ 250 billion in trade, with both the EU and China exporting around US$ 100 billion each. This presents India with a remarkable opportunity to amplify its furniture exports and emerge as a key player in the global market.



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